BBC Homepage World Service Education
BBC Homepagelow graphics version | feedback | help
BBC News Online
 You are in: World: Americas
Front Page 
World 
Africa 
Americas 
Asia-Pacific 
Europe 
Middle East 
South Asia 
-------------
From Our Own Correspondent 
-------------
Letter From America 
UK 
UK Politics 
Business 
Sci/Tech 
Health 
Education 
Entertainment 
Talking Point 
In Depth 
AudioVideo 

Saturday, 14 April, 2001, 18:03 GMT 19:03 UK
Cheney's millions dwarf Bush income
George W Bush and Dick Cheney on campaign trail
Mr Bush's salary will exceed that of Mr Cheney this year
Dick Cheney may be President Bush's second-in-command - but he managed to earn more than 40 times more than his boss last year.

Tax returns show that the vice-president and his wife Lynne reported earning the considerable sum of $36.1m in 2000 - dwarfing the $894,880 earned by George W Bush and his wife Laura.

Laura and George W Bush
The first couple earned just under $1m in 2000
The Cheneys paid $14.3m in federal taxes on their earnings, while the first couple paid out $240,342.

Both couples would see their tax bills significantly reduced if Mr Bush manages to get his 10-year, $1.6 trillion tax-cut plans enacted.

The figures were released by the White House ahead of the annual 15 April deadline for filing income taxes.

Stock options

Only $806,332 of Mr Cheney's income was actual salary from his role until late last year as chief executive officer of Dallas-based oil services firm Halliburton Co.

The vice-president also received $4.3m in deferred compensation and bonuses from the company.

Dick Cheney and wife Lynne
The vice-president's stock options kept the Cheneys in the money
However the bulk of his income came from stock options which he exercised in order to avoid conflicts of interest.

Mr Bush's $70,554 salary from his previous job as governor of Texas also represented just a small proportion of his income - most of which came from investments and trust funds.

He gave away $143,300 to charity, including $75,000 in royalties from his biography, A Charge to Keep, published during his campaign for the White House.

Among those benefiting from Mr Bush's donations were the Boy Scouts of America, the Girl Scouts of America, the Boys and Girls Clubs of America, and Girls Inc.

For their part, the Cheneys donated more than $7.8m - mostly in stock options - to three beneficiaries, including the George Washington University Medical Faculty Associates, where the vice-president has been treated for his heart condition.

Mr Cheney's earnings pushed him into the top 39.6% tax bracket, while Mr Bush's lesser income meant that he was taxed at a rate of about 27%.

In their new jobs, Mr Bush will earn $400,000 this year, while Mr Cheney will see his salary fall below that of his boss at $186,300.

Search BBC News Online

Advanced search options
Launch console
BBC RADIO NEWS
BBC ONE TV NEWS
WORLD NEWS SUMMARY
PROGRAMMES GUIDE
See also:

09 Mar 01 | Americas
Bush wins big victory on tax
Internet links:


The BBC is not responsible for the content of external internet sites

Links to more Americas stories are at the foot of the page.


E-mail this story to a friend

Links to more Americas stories